Synergy Pharmaceuticals Inc (NASDAQ: SGYP)
Synergy Pharmaceuticals is having an incredible day in the market today, and for good reason. The company announced after hours yesterday that it has submitted a New Drug Application (NDA) to the Food and Drug Administration (FDA). Today, we’ll talk about the new drug application, how the market reacted to the news, and what we can expect to see from SGYP moving forward. So, let’s get right to it…
SGYP Submits Plecanatide NDA
As mentioned above, Synergy Pharmaceuticals announced yesterday that it has submitted a New Drug Application with the FDA after announcing their plans to do so just weeks ago. The NDA surrounds a prospective treatment that the company has been working on for quite some time, known as plecanatide. SGYP created plecanatide as a treatment for gastrointestinal disorders and diseases. The indication the NDA was submitted for in known as chronic idiopathic constipation, or CIC. Through several studies, SGYP has proven that not only is plecanatide safe and well-tolerated, but it is incredibly effective in treating CIC. In a statement, Gary S. Jacob, Ph.D., CEO and Chairman at SGYP had the following to say…
“The submission of the plecanatide NDA for CIC marks a major milestone for Synergy as we move the product candidate another step close to potential approval early next year… I want to thank the Synergy team, our many advisors and my board of directors for their relentless efforts, enthusiasm and commitment in bringing plecanatide, a drug candidate which we invested in-house and developed entirely on our own, to this important milestone. We remain completely focused on flawless execution in 2016, with the ultimate goal of potentially providing patients and their healthcare providers a new treatment option for this very debilitating disease.”
How The Market Reacted To The News
As investors, we’ve learned that any time we hear news about a publicly traded company, we can expect to see movement in the market surrounding the stock the company represents. With the positive news surrounding the NDA with the FDA in mind SGYP is doing incredibly well in the market at the moment. Currently (3:29), SGYP is trading at $3.43 per share after a gain of $0.12 per share or 3.63%.
What We Can Expect To See Moving Forward
Moving forward, I have an incredibly bullish opinion of what we can expect to see from Synergy Pharmaceuticals. I’ve followed the company for quite some time. In fact, when SGYP first announced phase 1 trials of plecanatide, I saw a big thing coming down the road. Now, the drug has finally been submitted to the FDA in a New Drug Application, one that based on the overwhelmingly positive results of clinical trials, will likely be approved. This means that early next year, SGYP is likely to be focusing on commercialization of the treatment. With the vast amount of people suffering from CIC, this is one that’s likely to become incredibly profitable. With a strong team, strong product, and clear plan, I see no reason to expect anything but positivity out of Synergy Pharmaceuticals.
What Do You Think?
Where do you think SGYP is headed moving forward and why? Let us know your opinion in the comments below!